The former Geo Interactive said it would cut salaries among most of its 400 staff by at least 5%, and executive pay by up to 12% after a 'substantial' shortfall in revenues.

Sales had been expected to exceed $50m (£35m) this year. Emblaze, capitalised at almost £5bn at the height of the tech boom, said losses in the year to 31 December would now exceed expectations of about $13.5m.

Israel-based Emblaze said budget cuts among mobile operators meant order flow would remain unpredictable until 2003, but that its $350m cash pile provided ample financial security.